Seamless end-to-end workflow needed to lift Singapore retail
Set up a convergent system that's streamlined to enable the new-age consumer to purchase and collect the items they want, on the same day and at a location of their choice.
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AMID the weak economic outlook and downbeat consumer sentiment, the slew of closures and consolidations in Singapore's retail landscape has led to further soul-searching within the industry. The pursuit of fresh solutions has become more pressing, as the S$44 billion sector remains an important engine of growth and source of employment.
Disruptive change has been highlighted as a key challenge for Singapore firms - in particular the rise of e-commerce and its impact on brick-and-mortar stores. According to Visa's 2015 Consumer Payment Attitudes Survey, more than 70 per cent of consumers in Singapore shop online at least once a month. A BMI study also shows that online spending in Singapore has grown from S$1.45 billion in 2009 to S$4.5 billion in 2014.
It's important to note, however, that much of the focus has been on regional cross-border e-commerce, with consumers drawn by the promise of deep discounts at sites such as Taobao and Alibaba, and logistics companies looking to position Singapore as an Asia hub.
